Joyy Inc. key statistics and ratios

In fiscal 2025, Joyy Inc. had return on equity of 37.3%, an operating margin of 2.6%, debt equal to 0.2% of equity and a current ratio of 1.85. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Joyy Inc.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	39.3%	37.8%	39.4%	36.5%	6.6%	26.6%	32.0%	35.3%	35.8%	36.0%	35.9%
Operating margin	19.7%	21.6%	23.3%	16.7%	−14.0%	−20.1%	−4.1%	2.1%	1.3%	−18.1%	2.6%
Net margin	17.5%	18.6%	21.5%	10.4%	13.9%	67.7%	−3.1%	5.3%	13.3%	−6.5%	98.8%
Free-cash-flow margin	27.2%	27.5%	28.6%	26.2%	14.8%	17.0%	5.3%	10.3%	9.4%	10.1%	7.5%
Return on equity	31.9%	35.8%	32.5%	11.0%	13.7%	25.0%	−1.4%	2.4%	5.8%	−3.0%	37.3%
Return on assets	14.1%	17.3%	21.1%	8.0%	9.1%	17.6%	−0.9%	1.4%	3.4%	−1.8%	27.8%
Asset turnover	0.80	0.93	0.98	0.77	0.65	0.26	0.30	0.27	0.26	0.28	0.28
Current ratio	2.62	1.27	3.22	4.28	3.77	4.13	2.02	1.51	1.32	0.96	1.85
Debt to equity	80.2%	54.9%	5.6%	0.0%	16.8%	14.3%	16.7%	16.9%	1.0%	0.7%	0.2%
Interest cover (operating income ÷ interest)	12.0x	21.8x	84.0x	—	n/m	n/m	n/m	4.0x	2.8x	n/m	108.2x
Effective tax rate	15.3%	15.7%	14.4%	18.8%	—	—	—	5.4%	6.5%	—	7.6%
R&D as % of revenue	9.3%	8.2%	6.7%	7.6%	6.4%	14.9%	10.7%	10.9%	13.0%	12.5%	11.6%
Capital spending as % of revenue	3.7%	2.0%	3.4%	2.1%	3.4%	7.4%	2.7%	2.9%	3.6%	3.7%	6.7%
Free cash flow ÷ net income	155.2%	148.2%	133.2%	251.6%	106.4%	25.1%	—	192.0%	70.9%	—	7.6%
Dividends ÷ net income	—	—	—	—	0.0%	4.7%	—	113.2%	27.9%	—	7.4%
Dividends and buybacks ÷ free cash flow	65.0%	—	0.0%	—	4.5%	49.6%	400.3%	114.8%	167.3%	115.3%	181.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 3 checks passed · December 31, 2025

What it owns · $7.6bn

Short-term assets $1.6bnLonger-term assets $5.9bn

What it owes, and who funded it · $7.5bn

Short-term liabilities $874mLonger-term liabilities $76mShareholders' equity $6.5bn

Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $874m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.6bn short-term assets against $76m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $56m against $516,000 of interest.

From Joyy Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Joyy Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Joyy Inc.